How much could a data breach cost you?

Personal online security is an increasing worry for many people. Because the conversation is at the forefront of our minds, it is an issue all companies must address. The average cost of a data breach is getting more expensive each year. This is partly down to the tighter regulations and higher fines, and partly down to an increase in consumer awareness that damages your company’s reputation. From a company perspective, there are also all the additional costs associated with detecting where the breach happened, informing the authorities, thoroughly investigating the breach, and associated legal services.

Companies are now also collecting much higher volumes of data. This can be invaluable for some purposes, as was highlighted with the Cambridge Analytica/Facebook scandal.

Reduce your data vulnerabilities

Whether you’re a company or an individual; no matter the security we have in place, there will come a time when people with bad intentions find a way around it. The least we can do is ensure the data is completely useless should it fall into the wrong hands. This requires using encryption technologies to protect the data.

Transporting data

One of the ways data can be vulnerable is when in transit. Whether it’s for personal use or business, many of us are carrying large amounts of data around with us a lot of the time. Losing this data can cause a plethora of problems that aren’t easily solved or get us in a lot of trouble at work. Ensure any data you transport is encrypted and backed up. A good way to do this is using an encrypted USB stick, like those from USBMakers.com, as this provides an easy to transport and secure way of storing and carrying data.

Know how your data is used

From a business perspective, it’s important to fully understand every aspect of how you store and use data. It’s also vital that you monitor who has access to the data. It’s impossible to properly secure customer data and plug any potential holes if you don’t know where the holes are.

From a personal perspective, you now have more rights than ever to make requests about your data to a company. Modern consumers must take an interest in how their data is used, as your habits and information is becoming increasingly valuable.

Do we really need to worry about it?

The average cost of a data breach to a company in the UK during 2018 was $3.68 million. The US is more than double this. A data breach can lead to an onslaught of bad reviews and angry customers that will harm your digital presence beyond repair and will often lead to the vast majority of consumers losing trust in your company.

Every individual that has his or her data compromised suddenly becomes a potential victim of identity theft. They are also more likely to be targeted by scammers, as having even just a few details about someone allows them to create very convincing e-mails and messages. Whether you’re a private individual or an employee using an encrypted USB stick, or a company with banks of servers, being aware of potential vulnerabilities could potentially save you untold hassle, financial loss, and personal anguish.